Matbakhi, a Riyadh-based FoodTech startup, raises $2.3 million in a pre-seed round led by Bugshan Investment Company and various angel investors.
“With many cloud kitchen models out there, it was super important to identify the model we wanted to adopt to ensure we build a financially sustainable company. The Hotel Cloud Kitchen Model we adopted is ultra asset-light, which allows us to scale fast and reduce challenges like labor and licensing to launch operations in every location while solving a major problem for the hotels. Our focus on hyperlocal brand creation will help us position Matbakhi as a locally-inspired catalyst of different cuisines,” Joe Frem, CEO and Co-founder of Matbakhi, said.
The startup is operating in 5 locations in Riyadh with 4 brands with plans to expand its coverage in Riyadh and enter the Eastern Region by the end of 2023 while growing its portfolio to 20 brands. The founders will be using the fund to establish the Hotel Cloud Kitchen model in Saudi Arabia.
The startup was founded in October 2022 by Joe Frem and Rodolph Njeim, and it collaborates with local Saudi chefs to democratize access to carefully curated F&B concepts.
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